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Cees Harrington Harmon
Economy

Brain circulation a probable panacea

by thealvingreport
written by thealvingreport 10mins read

As opposed to brain drain, international migration researchers are increasingly noting a new phenomenon they call “brain circulation,” whereby talented people leave, settle down abroad, and then return to their home countries with their intellectual assets, and yet are not fully “lost” to either place.
As Richard Devane wrote in a study issued by the World Bank, China, India, and Israel enjoyed investment or technology booms from 2000 to 2010, which are linked by expatriate leadership in all three countries.
Recently, Dr. Akintoye Akindele, in a working paper themed: Beyond Remittances: Unlocking the True Value of the African Diaspora propounded just that. Nigeria’s economic breakthrough stands a good chance of happening from diaspora assets, not necessarily from the current annual remittances of $25 billion, which is projected to reach $35 billion over the next five years, but from knowledge and skills circulation. He pushed for Nigerians living abroad who have marinated the wealth of knowledge and skills of those developed countries to transfer the same to the homeland.
There can be no gainsaying the fact that Nigeria’s diaspora population is knowledge and skills endowed. For instance, more than 5400 Nigerian-trained professionals thrive in the British NHS. Nigeria has the third-highest number of foreign doctors working in the UK. The only certified cardio nephrologist is of Nigerian origin.
37 percent of Nigerian-Americans hold a bachelor’s degree and 17 percent hold a Master’s Degree. Nigerians account for less than 1 percent of the black population in the US, yet make up ~25 percent of all black students at Harvard business school.
95,000 Nigerian students are sent abroad annually.
On the flip side, $1 billion is spent annually on medical tourism in Nigeria. Doctor to patient ratio is 1:6000, far less than the World Health Organisation’s recommended 1:600. That is due to the poor availability of skilled personnel and poor health facilities. The number of practicing medical doctors in Nigeria is approximately 35,000.
Education-wise, about 10.5 million children in Nigeria are out of school; 40 percent of primary school teachers in Nigeria are not qualified.
The rate of education accessibility in Nigeria is 20.1 percent. Nigeria’s share of the global shortage of teachers is a staggering 12 percent.
Clearly, there is a huge knowledge and skills gap between the diaspora population and the homeland that should be narrowed in order to catch up with global development speed.
While Nigerians in the diaspora have flourished abroad, they have also tried to engage the homeland but have been met with some stiff challenges.
Many Nigerians in the diaspora are willing and able to provide support to key sectors such as education and health but do not know the channels to follow.  
According to Akindele, that is due to pertinent underlying issues including Trust, which is often an issue when dealing with diaspora contributions;  Civil and Political Unrest and Uncertainty that stoke fear of political and security situations across the country, often hampering the willingness of the diaspora to make long-term home-based investment and contribution decisions;  Poor Enabling Environment to foster growth, in which Nigerians abroad have often had difficulty planning and coordinating effect impact effort or direct investment without their physical presence as issues often arise around how they will monitor progress remotely and get true updates; Infrastructure, where economic and formal institutions are still In a questionable state;  and Lack of Understanding of Local Terrain & Policy.
While the above issues remain hard nuts to crack, Akindele extrapolated low-hanging fruits representing opportunities for immediate impact for Nigerians in diaspora willing to deepen inbound engagements. They include:
Skills Development & Knowledge Transfer, which can be achieved by training programs for software talent to drive developer count upwards, coordinated and structured exchange programs, facilitation of internship programs and placements for local talent, partnership with incubation hubs and mentorship programs on the continent, and remote work engagements with local SMEs in strategic roles and positions– knowledge spillovers.
Collaborative Research & Innovation by reduced investment costs from early entry, access to co-investors after commercialization, joint laboratories with joint grants establishing research institute, centers, and laboratories cross-border peer review and collaboration.
Also, Investments through Diaspora Direct Investment (DDI) in SMEs and startups, Diaspora funds and angel networks, Diaspora bonds, and joint venture partnerships with local investors and entrepreneurs.
Trade and Product Exchange by a partnership with local producers and service providers, Patronisation of made in Nigeria products, distribution partnerships, and structures for made in Africa products, as well as IP& Licensing support for global markets.
With Nigeria’s remittance per capita currently standing at $998, Akindele propounded that besides being sentimentally linked to the home country, 54 percent of Nigerians in the diaspora hold or are likely to hold managerial positions, while 61 percent have a first degree. He, therefore, projected that Nigerians are still likely to have the financial power in the future to make hefty remittances.
Currently, 55 percent of diaspora remittances to Nigeria are sent for family upkeep, 25 percent for charity, 11 percent goes to business investments, while 9 percent goes to building projects. That trend does not impact the local economy optimally.
One commentator said on average, over 70 percent of diaspora funds are drained by consumption. “Though this helps to address poverty, efforts should be made to raise the 30 percent available for investment much higher.
Annalee Saxenian, an economic geographer at U.C. Berkeley and author of ‘The New Argonauts’ notes, “Like the Greeks who sailed with Jason in search of the Golden Fleece, the new Argonauts are foreign-born, technically skilled entrepreneurs who travel back and forth between Silicon Valley and their home countries.”
Those are the very “Argonauts” that have been instrumental in the transformation of China, India, Taiwan, and Israel over the past few decades.
Diaspora Nigerians and the local talents are all the ingredients needed for Nigeria to become the next economic miracle, except for the lack of synergy.
Left to dawdled politicians to create the right environment that time may never come. That synergy and change can begin with just the next action-taker.

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Sobowale Temiloluwa
Economy

The #ENDSARS BRAND; To Support or Fight, you Choose!!.

by Temi sobowale
written by Temi sobowale 10mins read

The last 1 year in Nigeria has been one of the longest in time past, it’s been a case of a Yoruba adage “ E diye ba lokun, Ara o rokun, Ara o to adiye”. Meaning the bird lands on the rope, the Bird is not comfortable, the Rope is also not comfortable, in business terms a loss/loss scenario as nobody wins.

I was opportune to have a strategy session and discussion a few days before   20/10/2020 with a top government functionary, discussing the best way to dowse the tension already being generated by the EDNSARS Issue, but unfortunately, things went out of hand on 20th and the mediation strategy proposed never saw the light of day.

I highlighted the need to understand who this group of youths are, their motivation, their temperament, and what they intend to achieve and based on this proposed solution.

For clarity I will go over the analytics of this segment, the ENDSARS generation is made up of 70% generation y ( ages 9-25) 23% of Millennials ages (25 and 40 years), and 7% Gen X ages(41-56 years old).

With these stats, you will know that the power range of this group falls between 18-30.

If anything you need to understand that this generation is a different one, driven by purpose or goal more than money or financial rewards, support each other regardless of social status, fight and protect the vulnerable amongst each other, hold temporary leaders accountable as any iota of doubt you lose your influence with them they easily the next “sense-making” individual who understands their values and is pursuing that purpose without any “personal interest” becomes the next “temporary leader” and why during the challenging times, they were asked to present a leader and they chorused “ we have no leaders”, meaning we are led by purpose and vision and anyone regardless of who you are, who can genuinely lead us towards our purpose takes the “ temporary leadership” seat until someone better comes along and we move to the next “ temporary leader”.

The Endsars brand movement Personality.

They can’t be lied to; they will dig your file out in 20 minutes and you will end your career before it even started, can’t be deceived as they are highly educated and can read between the lines, can’t be bought as they are not a self-centered generation, but a generation that is collaborative in nature looking to help others up.

Their mission is simple “they want a child of nobody to become somebody without knowing anybody” and this means let the competent do the job regardless of race, color, tribe, party, religious lines, or age.

The tag line above is very evident in the Start-up ecosystem in Nigeria today as many top tech talents and leaders of teams building Unicorn companies “were not born with silver spoons” and many don’t even know anybody, but are succeeding very well regardless of oppositions.

Looking closely at issues that the ENDSARS brand ran into, a lot of the time the issues are caused by the Millenia+ Gen x  members in the movement, looking to get a seat at the table of government or business but using the ENDSARS movement as the tool to get the attention. As soon as the “ personal agenda” of such individuals get noticed, their influence in relation to the movement gets deflated immediately by the group and all of a sudden their words and followership hold no bite again and they suddenly fizzled- out, no once, not twice not three times has this happened.

Unfortunately, the movement was against the brutality from Men of SARS, but the force approach used in dealing with the issue escalated if from fight against a single law enforcement agency to a fight against government and oppression, and since 20/10/2020, the government has been utilizing force and the more force applied the more rage It generates from the youth. The more force applied the more the #ENDSARS Brand gain more global recognition at the expense of the “ Brand Nigeria” gaining a not too good reputation globally. Like I said earlier no matter how we look at this, it is a loss/loss for us all, regardless of the side, you are on.

In time past the Government made individuals wealthy due to contracts and monopoly licenses and the beneficiary have no choice but obey the government’s orders even if the customers and users of their products are not happy. But that power has since reduced as the new generation makes wealth from technology Value creation, talent utilization via online platforms, and various ways globally with the government not having much control. The level of technology savviness is at par with global peers, thanks to the web access and various online training and this has been displayed times without number. From account getting locked to switching to Bitcoin in hours, from Ban on Twitter to VPN, and many more.

Truth is, the loyalty of this segment is first to the general purpose of growth and progress for all before other things, you will be shocked that  Gen Z has resigned their appointment in organizations siting the fact that their organization is Anti-ENDSARS, Many fathers are defending policies outside, whereas in their homes a major war is being fought as their children are at loggerheads with them on these issues and are ready to leave- home if that is what will drive home the message for the parents.

All this said what is the way forward, another Yoruba adage says” AGBA GBON, OMODE GBON, LAFI DA ILE –IFE, Meaning, it’s the wisdom of the elderly and the Wisdom of the youths that build a Town. But as it stands right now the Wisdom of the elderly is “cunning “ and the Strength and Wisdom of the youth becomes “rage” at every opportunity, either way, nobody wins.

2023 is around the corner and everyone wants to show relevance; The youth trying to show “strength” and the elderly trying to show “ Wisdom”, May I appeal to us to please not take “no corruption personality” as a leadership skill or competence, or being an “Aluta leader” as a leadership skill; Being an influential member of the ENDSARS MOVEMENT alone is also not enough competence for a great leadership choice!.  All I know is that is it easier to lead when there are enough resources to execute agendas, but when the resource is scarce, and things are bad the responsibility falls on the shoulder of leadership to use skill, competence, and all it has to make the best out of a terrible situation.

May I ask a rhetorical question above again? The ENDSARS BRAND; to support or fight, you choose

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sam-iwuajoku
The Editor's Pick

Sam Iwuajoku – extravagantly entrepreneurial

by Joseph Edgar
written by Joseph Edgar 10mins read

It was my friend and brother Femi Omotosho prominent Banker and serial investor who mentioned at the height of the pandemic that I should make a beeline towards this gentleman and see what he was putting on the ground.

Now you will ask why he was so intent on my meeting up and spending time with Mr. Iwuajoku. Simple. I am passionate about this economy and by extension this Country. I have left the space where we are still talking of ‘potentials’ at the positive side and of separation and all the calamitous rendering we hear at the extreme negative side.

You see, I want to tell very positive stories about this country. So, stories of people doing things on the economic side, which portends major confidence in the system especially taking investment risks on long gestation projects sit very perfectly on my good side.

Mr. Iwuajoku’s business model seats on a dual portal striding Aviation and Hospitality on the very broadside. In-between those two are a varied business exposure that continues to create jobs and redistribute wealth in such a powerful way that the keen observer cannot help but marvel.

So, I walk onto the massive site that houses the prestigious Legend Hotel and the Aviation hangar that is all under his Quits Group platform. The whole site is spacious and extremely neat, you can hardly believe that a major construction job is going on.

He is inspecting the west wing extension of his Legend hotel. He is building extra rooms in a hurried bid to expand to 231 rooms from the present 60 Room positioning. This new wing will come with an ultra-modern Convention Centre that will seat 2,000 people.

As we tour the giant facility, I take a closer look at this gentleman. He looks kind but comes across like an Ojukwu lookalike with his beards, but behind the seeming hard stares, you could see his kindness and softer disposition from his penetrating eyes. I know he will soon break the tension and in fact, he cannot wait for us to exchange as friends but first, he must first understand this young man with uncombed hair and his mission.

Let’s go to the other side he says. Get a reflector jacket he orders me. we move towards a huge dugout on the way, I count almost 10 private jets. He provides the service – parking and maintenance. He maintains aircraft for four major international concerns thereby saving Nigeria huge outflows in urgently needed forex.

He wants to build an underground warehouse at the dugout and put planes on the flattened surface. The huge earth-moving machines are working strenuously. Rain is his enemy but work he must.

How did you begin, I ask? He says it was the market meltdown that threw him this way. The depression of 2008 made him start asking himself what else can he do. He had cash but the outlets were thinning out. So this sector gave him a unique opening. He would edge his revenues by having his receivables in hard currency.

He leased the huge expanse of Land surrounding the Murtala Muhammed International Airport and coursed very arrogantly towards the Local Airport from the FAAN on a 40year renewable lease arrangement.

As we walk in-between Private Jets, proudly perched on his plot, I see a different kind of man. I ask him, who owns these beautiful birds, he smiles like a kind grandfather and says ‘bro leave am’.

Then we move towards his very beautiful office. From his desk, he watches over his birds with glee. He can see the beauties as they stand majestically on the tarmac. You can feel the bond between them as he talks to me and at the same time keeps an eye on them the way a Nanny will keep an eye on an errant ward.

So, what are your succession plans I ask? This project is huge, expansion alone is $35m you must surely be thinking of succession.

What drives the question is the handsome boy I saw when I first walked in. I had called and he had said, ‘ask for Ifeanyi, he will bring you to me’. Nobody seemed to know Ifeanyi as I wandered around the huge premises till I ran to this very handsome and tall young man with a name tag that said,’ Iwuajoku’. I said, ‘are you Ifeanyi? He said no. But what do you want, I can be of assistance.

He took me to Chairman and on the way, I asked who he was. He said, ‘Son’. I said are you working here and are you on a salary? He says yes and I said you are young and he said I am married.

His confidence, sure-footed manner, and exchange with ‘Chairman” made me push later with Uncle Sam on the succession plan.

He gently deflects but positions that ‘our kids are not as strong as we are’ he says generally. I agree with him. This leads us to his journey. From the age of 16, he had started learning and working. He was the surveyor in on the Dolphin reclamation amongst other jobs he had embarked on from teen. This had hardened him, making him as Tough as Nails. He was involved in the Ports, Snake Island, and all of that. Working with expatriates, learning and positioning, getting himself ready for this pivotal role he is currently playing.

As we speak, his phones are ringing none stop. The biggest players in the economy are calling. He is custodian to their precious birds and as such they must be on speed dial to him at all times.

Today there is an issue with the customs. He must resolve it. He is calming the caller, I recognize the name, I listen to the conversation. His reassuring gait, his calming disposition, and his confidence give the billionaire on the other side enough respite to say, ‘ok, Sam I hear you.

Me too, I hear you, Sam. This Country must continue to nurture people like Sam. People who will not wait for the challenges of life both man-made and otherwise to build fences and use them as a weak justification for a loss of faith in the system.

Where are you from? I fire. He says I am Nigerian. But if you ask me where are my parents from, I will say Imo but I was born in Badagry and as such my argument is clear, I am a Nigerian.

I smile. I just love this man. Over 250 Nigerians and expatriates under his payroll, a forex saving business, a forex generating business an ambitious expansion with a long gestation and turnaround time, and a business that plays very strategically in the economy and does not fly by night, how will you not just like Uncle Sam.

Patriot.

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Joseph Edgar
The Editor's Pick

Where are the Bank MD’s

by Joseph Edgar
written by Joseph Edgar 10mins read

It just dawned on me that I do not know the MD of GTB and that Kennedy Uzoaka who is the MD of UBA is all but invincible.

This seems to be the trend in the system as it looks like we have been saddled with a different class of MDs. A class I will want to call the Intern MD.

Who is the intern MD? The Intern MD is a long-suffering albeit very loyal and brilliant banker who has over the years shown very clearly a powerful skill set which really has nothing to do with his technical capacity but points at a very essential value- loyalty and willingness to serve

80% of our giant financial institutions can be said to be run by Intern MDs.

How did we get here? In political science, we were thought about manifest destiny. This is the unintended consequence of policy action.

So in trying to strengthen Corporate Governance in the system on the back of the distress that hit the system, authorities ended the situation where one man was Chairman and MD at the same time.

The position was divided and made for different people. The manifest destiny of this threw up the father/son combo or the Husband/wife combo and in some cases the sugar Daddy/girlfriend combo

The banks were firmly held by dynastic families and they ran the institutions with the verve and favor that comes with that drama

Then policy changed. Seeming democratization of the environment was thrown up and this brought the age of the owner-managed and mercurial bankers

It was in this era, the megastars emerged. Elumelu, Ovia, Akingbola, Ibru and the rest

They moved like pop stars. They had the vision, youth, energy, and passion to drive these institutions from mere backwater players to major international concerns.

Daily we could feel their movements. The increase in share capitalization was a joke to them as they raised the capital almost effortlessly driving the financial system into advanced markets.

Then another policy came. Tenure limits. And immediately the megastars had to leave the stage.

However the difference between these ones and the Balogun’s is that they were still on top of their games, they still had age on their side and the push to conquer was still flowing in their blood

So within 24hours, almost all of them named successors and the dawn of the Intern MD hit us.

Apart from Herbert at Access and maybe Ebenezer at Zenith the rest fall very perfectly into this mold.

So how does this work? The Intern MD sees his appointment solely as luck and his closeness to the source of power. Hence his actions and movements are a direct reflection of the whims of the source.

I even hear that some sources attend bankers committee meetings and come back to brief the Intern MD. So the Intern MD is still in a subservient and docile position

The immediate effects of this situation, are a dearth of vision since it’s not yours, more red tape, sluggish decision making, a dearth of innovative ideas, and a zombified management.

I was with a huge entrepreneur who is embarking on a $35m expansion project which would employ 250 workers and deepen engagements in a critical sector and his lament was palpable.

He was talking to a management team that didn’t seem to understand the transaction dynamics and as such couldn’t even relay very clearly his prayers to the source thereby almost killing the relationship.

This is the stark immediate consequence of this manifest policy that has thrown up the Intern MD.

One would want to ask what role the Board plays in this. Same you would say. All you have to do is take a cursory look at the Board composition of some of these Banks and you will find a complete village meeting, secondary School alumni, inlaws, and lovers.

There you see your answer. It’s not all that dark though as the system seems to be working especially if we are to believe the figures that are churned out as Profits regularly.

But it’s like driving a car with a misfiring plug, you will get to your destination but would it be a smooth ride?

I keep quiet.

Edgar Joseph
Editor in Chief
Thealvinreport.com

Ps go to Thealvinreport.com to see some of the best-written articles on the economy and business

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Magnus Onyibe
Economy

Nigerian Presidency, 2023: Where Are The Igbo Candidates?

by Magnus Onyibe
written by Magnus Onyibe 10mins read

In the People Democratic Party, PDP whose convention comes up 30-31st October which is a few days’ time, the front runners for the presidential tickets are already very well known.
Ex-Vice President Atiku Abubakar who had faced- off with the incumbent president Mohammadu Buhari in the 2019 presidential contest with significant impact, is on top of the pecking order. This has been confirmed by Oyo state governor and secretary of the PDP convention committee, Seyi Makinde who revealed the identity of the other presidential candidates during a recent Channels television interview.
“…PDP has eminently qualified personalities that can lead this country successfully. Some have indicated interest, like former Vice-President Atiku Abubakar, like Governor (Aminu) Tambuwal, like Governor Bala Mohammed.”
Curiously, former senate president, and ex Kwara state governor, Bukola Saraki who was a serious contender for the presidency in 1999 was not mentioned. Just as no Igbo man/woman whose region is supposed to present the next president in 2023 is featured in governor Makinde’s list of PDP presidential candidates that would slug it out in presidential primaries.
With respect to the ruling party, All Progressives Party, APC, the man with the appellation, National Leader, also known as both the Jagaban of Borgu and Asiwaju of Lagos, Bola Ahmed Tinubu who served as governor of Lagos 1999-2007 is clearly the leader of the pack.
So it is almost like an entitlement for the man also nicknamed the Lion Of Bourdilon to become the president of Nigeria in 2023. That is simply because he played a pivotal role in the emergence of President Buhari as president in 2015 via his ability to swing the very critical south-west or Yoruba votes in favor of a then-presidential candidate, Buhari. Since it is the nature of politicians to give and later demand a return on lOUs, it appears to me that it is now payback time between Buhari and Tinubu. To actualize the presumed presidential ambition of Tinubu, South West Agenda For Asiwaju, SWAGA, a well-oiled campaign organization that has been founded by Tinubu’s ardent supporters has been making waves.
The criticality of Tinubu’s role in making Buhari president is accentuated by the fact it happened after Buhari’s three previous failed attempts (in 2003, 2007, and 2011) to win the presidency.
As someone contended elsewhere, it would not be far-fetched for observers of Nigerian political developments to come to the conclusion that Tinubu has been waiting for seven years to gain a foothold in the presidency of Nigeria. That is after the Action Congress of Nigeria, ACN that Tinubu leads, struck the deal with then-candidate Buhari’s, Congress for Progressive Change, CPC between 2013/14 to harness Yoruba votes for Buhari’s victory in 2015.
Considering that the Asiwaju had to give up his initial ambition to serve as Vice Presidential candidate to Buhari in 2015, which is owed to the fact that the concept of a Muslim president and Vice President is a sort of anathema in Nigeria, his burning ambition to succeed Buhari as president must have remained aglow.
But how the burning desire can be converted into reality is a lump currently lodged in the throats of both the Asiwaju who is yet to verbalize his apparently lifelong quest, and his political godson, Yemi Osinbajo, that is being coy about his interest in the plump job of being president of the republic.
Be that as it may, a presidential campaign organization, ostensibly without Osinbajo’s public endorsement known as ‘Osinbajo Support Movement’ (OSM) has
created a website as far back as May to chronicle the achievements of the Vice-President and public garner support for him. Without being told, the emergence of OSM is in pursuit of the cause of elevating the current Vice President to the next level-the presidency.
To consolidate the publicity that had been achieved with the website, in the course of president Buhari daughter’s high octane wedding ceremonies recently held in Kano, the streets of the ancient city were adorned with posters pitching Osinbajo for president and incumbent Kano state governor, Abdullahi Ganduje for vice president with the carefully crafted message:
“If power rotates to the South, Osinbajo is best placed to unite, heal and inspire our great nation. We also firmly believe that Ganduje’s antecedents as Governor of Kano make him the perfect Northern vice presidential candidate to Osinbajo; one who will advance and protect the interests of a Northern Nigeria plagued by poverty and insecurity.”
By and large, it can be stated without equivocation that the presidency of Nigeria in 2023 from the ruling party prism appears to be beaconing on the current Vice President, who is a prodigy of the Jagaban, Bola Tinubu.
Keeping in mind that it was Tinubu that conceded the role of Vice President to Osinbajo by virtue of the fact that he was his trusted ally, would he be willing to concede the presidency to him this time?
Osinbajo, who is a high-ranking Pentecostal pastor of the Redeemed Christian Church of God and an astute legal scholar has been on the saddle as Vice President since 2015 and Tinubu his erstwhile boss has been on the sideline.
If the feelers in the political space are anything to go by, Osinbajo is not resisting the allure of change of nomenclature from Vice President to President-a natural progression that very few mortals can resist. But would his mentor, and if you like, an earthly master concede the presidency to him? That is the elephant in the room.
In my calculations, although Osinbajo may be able to garner the votes of a vast number of Christians nationwide by virtue of his being a member of the Redeem Church (believed to be the largest Pentecostal church denomination) he does not appear to possess what it takes to take on his former boss in political warfare and win in the main political battleground, south-west. It is perhaps why the Vice President has been demurring from advancing his purported presidential dream from the subliminal level to the realms of reality.
Even when the block votes in north-west are mobilized by Ganduje backed by Buhari for Osinbajo/Ganduje presidency, the nature of politics in Nigeria is that the block votes of the southwest are also required to secure the presidency which only Tinubu appears to have the capacity and ability to procure.
So, once again, the man often referred to as pastor/professor may have to predicate his presidential ambition on the will of God.
The third personality from Yoruba land that may be nursing presidential ambition in 2023 is the present Ekiti state governor, Kayode Fayemi who is also an ex-minister of solid minerals development.
As the chairman of the Nigerian Governors Forum, NGF, he has chalked up some national influence enough to earn himself national name recognition. Again, like Osinbajo, he is one of Tinubu’s surrogates who honed his political skills in the days of NADECO-the Yoruba political pressure movement that is one of the forces that pushed for the exit of Sani Abacha as Nigeria’s military head of state(1994-8).
So, Fayemi’s reported ambition may also be in abeyance, which is in line with the wisdom to engage in dalliance with Tinubu political family as a political tactic, so as not to cross paths with the APC national leader, who is apparently believed to hold the ace in Yoruba politics.
Now, our country, Nigeria is anchored, metaphorically, on a tripod formed by Hausa/Fulani, Yoruba, and Igbo nationalities, with each representing one of the three legs on which Nigeria stands.
They jostle for the presidency by the Yoruba and Hausa/Fulani nationalities gleaned from mainstream and online media sources has been cataloged in the preceding paragraphs.
But shockingly, alarmingly, and embarrassingly absent in the milieu are activities or information about the potential presidential or even vice-presidential candidates of Igbo origin from the ruling or main opposition parties jostling for the presidency in 2023.
So, where are the Igbo candidates?
Yes, Kingsley Moghalu, ex Central Bank of Nigeria, CBN deputy governor, and presidential candidate of one of the small political parties in 2019 may be angling for the presidency again in 2023. But, for the obvious reasons of lack of nationwide political structures, and inability to raise the humongous financial resources which by some estimates can be as high as one hundred billion nairas required to execute a presidential campaign, Moghalu has zero chance. The underlying reason for that assertion is that he is not vying for the presidency on the platform of the ruling APC or main opposition, PDP whose affluent members-governors, legislators, and ministers could have provided the financial resources and political structures once a candidate is adopted by the party. Basically if becoming the president of Nigeria in 2023 is in Moghalu’s gaze, it would have done his political career greater good, if he had joined the ruling or main opposition parties.
The other Igbo politicians of notable national status weighty enough to contemplate contesting for the presidency of Nigeria are Orji Uzo Kalu, ex Abia state governor, currently a senator; Ken Nnamani and Anyim Pius Anyim, both of whom are former senate Presidents at different times. To further give him more heft, Pius Anyim also served as Secretary to the government of the Federation under Goodluck Jonathan’s presidency.
But the aforementioned Igbo politicians who were on track to entrench themselves politically at the national level, have recently been literarily ‘damaged’ and have thus become political liabilities via their indictments by the EFCC for financial malfeasance. That is the case with Orji Kalu who was jailed under curious circumstances for corruption. But he escaped a long jail term by the whiskers when he was soon after discharged and acquitted. Pius Anyim has also been recently grilled by the anti-corruption agency, EFCC for alleged involvement of a company where he has a beneficial interest in an aviation ministry contract.
Regarding, Ken Nnamani, he has been in the cold politically for nearly fifteen years since he was compelled by his political leader( Chimaroke Nnamani, then governor of his state, currently a senator ) from seeking re-election to the senate after he played a prominent role in scuttling president Obasanjo’s presumed third term agenda in 2007. That much was revealed in Nnamani’s recently published memoir.
In a piece titled: How To Become President Of Nigeria which l wrote and published on the back page of Thisday newspaper on Monday, September 20, 2021, and on numerous online newspapers, l had made a case that the Igbo nation may be suffering from a dearth of ‘presidential materials’.
ln, the piece, l listed elder statesman, Emmanuel lwuanyanwu, the
owner of defunct Champion newspaper and lwuanyanwu Babes-football club (socioeconomic endeavors which gave him national name recognition) as a potential presidential candidate of Igbo extraction. But he is currently past his prime in terms of age and political relevance.
Another Igbo personality that l had also beamed the light on is Peter Obi, who is the 2019 vice presidential candidate of the PDP and former governor of Anambra state. He too is currently under the yoke of the recently leaked Pandora papers(a catalog of illicit financial flows into a tax haven in Monaco) which has put him under the scrutiny of Nigerian anti-fraud agencies which are getting under his skin in a bid to ferret out information to determine if the former state governor breached the code of conduct rules in public service by not disclosing some of his wealth tucked away in secret foreign jurisdictions.
In my interactions with multiple members of the Igbo ethnic stock, l get the sense that they desire, as desperately as can be imagined, to be the tribe calling the shots in the presidency from2023.
This was affirmed by the president-general of Ohaneze Indigbo, the region sociocultural organization, George
Obiozor had passionately made a case for the Igbo presidency of Nigeria after president Buhari exits the Aso Rock villa in 2023. Here is how he put it: “We support the Igbo president with open arms. It is the most important thing that will happen to Igbos. Finally, it is our turn. And we are going to work it so hard,” Obiozor further made the following emphasis:
“We will talk to other parts of Nigeria to give us a chance. Because it is right, reasonable, deserving, and timely. It is wonderful to consider it done by this time. Igbo presidency is our agenda.”
Another Igbo elder statesman and former Anambra state governor (1992-3) Chukwuemeka Ezeife had also lent his voice to the call for the next president to be Igbo.
Said he ” power comes from God but we (Ndigbo) have been doing our homework, reaching out to our brothers from the Northern, Western, and South-South part of Nigeria to support us in 2023. Ordinary Nigerians from the other geopolitical zones want an Igbo to be the next President for equity, justice, and fair play”.
Although, there has been a deluge of rhetorical statements that can be likened to the roars of lions from Igbos at home and in the diaspora about 2023 being a watershed year for a member of their ethnic group to be the president of Nigeria on the premise of the fact that both the Yoruba and Hausa/Fulani nations have had their turns in the presidential power rotation arrangement introduced since 1999: in terms of the physical mobilization of Igbo voters and the actual preparation of Igbo candidates, there has not been any significant evidence to match the vigor displayed in the media. Rather the hoopla in the mainstream and social media without commensurate practical action on the ground makes the Igbo appear like whimpering kittens as far as the struggle for the presidency of Nigeria in 2023 is concerned.
The clearly un-Igbo tame and timid attitude has been in part attributed to the resistance being put up by the proscribed Indigenous People of Biafra, IPOB, separatist movement via their seat-at-home order in Igbo land; and their disruption of political activities in the South-East through other civil disobedience actions which are having crippling effects on the socio-economic and political activities in the region.
The political inactivity in Igbo land with respect to the presidency of Nigeria in 2023 is quite the opposite of the preparatory activities towards the forthcoming November 6, governorship election in which both president Buhari and NEC chairman, Mahmood Yakubu have vowed must hold on schedule, despite the IPOB threat.
Somehow, the quartet of Andy Uba of APC, Val Ozigbo of PDP, Chukwuma Soludo of APGA, and Ifeanyi Uba of YPP representing the main political parties have been ramping up their campaigns.
Given the scenario above, and if the Igbos are really not politicking for the presidency like their Yoruba and Hausa/Fulani counterparts, (which is evident by the reality on the ground) the prospect of an Igbo presidency in 2023 that may already be in peril, can be given a shot-in-the-arm through a strategic partnership that would provide political structures and financial muscle.
That is what informed my proposal in the earlier referenced article: “How To Become The President Of Nigeria” that the Igbo should align with Atiku Abubakar as PDP presidential candidate in 2023 to achieve the dream of Igbo presidency in 2027.
My proposal is underscored by the belief that it would be unlikely that the former Vice President Atiku Abubakar who has become a veteran in presidential contests since 2003 with enormous practical experience, would seek his re-election in 2027 if elected president in 2023 via an Igbo alliance and PDP support.
Unless, other northern contenders like Aminu Tambuwal or Bala Mohammed are willing to serve only one term and hand over to an Igbo Vice President, which is a highly unlikely scenario simply because of their relatively young age compared to the former Vice President who would be 75 years next month, Igbo quest for the presidency of Nigeria may remain a mirage.
In my view, a partnership with Atiku Abubakar as a pathway to Aso Rock Villa remains the most viable trajectory for an Igbo man/woman to become president of Nigeria in 2027 on the PDP platform. That is because, Atiku Abubakar is liberal, broad-minded, business savvy, and has links by marriage to all the three major ethnic groups-Hausa/Fulani, Yoruba, and Igbo in Nigeria. It implies that Atiku Abubakar’s presidency would likely be more inclusive than the nepotistic-a trademark of the current government in power that is fueling the current gale of separatism.
The point being made here is that under Atiku Abubakar’s watch as president, separatism would be consigned to the dustbin as inclusiveness becomes a major plank in government policy. With inclusiveness becoming a center point of public policy in Nigeria, secessionist tendencies would die a natural death in the manner that Niger delta militancy ceased after the late president Umaru Yar’adua took strategic steps to stabilize the volatile region via his offer of Amnesty to former militants after meeting some of their demands.
The existential reality in Nigeria’s current political equation is that the Igbos need help to actualize their quest for the presidency of Nigeria. As Atilla, the Hun advised, “choose your enemies wisely and your friends carefully.”
It should be obvious to the average Igbo that they can not ascend the throne in Aso Rock Villa by themself. And they must accept that their mastery of business can not overnight translate into the political savviness that is required for someone of Igbo extraction to become the number 1 citizen presiding over our country in Aso Rock Villa seat of power from 2023.
So an alliance with the former Vice President, Atiku Abubakar whose political fortune has been built since the time that he first contested against former the late MKO Abiola in Social Democratic Party, SDP primaries held in 1992, remains the most viable political catapult that can propel the Igbo nation into Aso Rock Villa, after Alex Ekwueme’s partnership with Shehu Shagari for the presidency of Nigeria (1979-1983). It is disappointing that it is the last time the Igbo enjoyed worthy political significance in a country that they have indisputable ancestry.
Without adopting or resorting to the application of such cold calculations, the Igbo’s demand to have someone from their ethnic stock as number occupant in
Aso Rock Villa would very likely remain a mission impossible as the demand would continue to be elusive beyond 2023 and even 2027.
As a follow-up article to How To Become President Of Nigeria, l wrote another piece titled: “A Citizen’s Guide on How To Become President of Nigeria” also published on the back page of Thisday newspaper on October 22, 2021, and other mainstream newspapers, including Daily independence, Vanguard as well as online platforms, the following points were brought to the attention of readers:
“Although presidential power play is largely about popularity, it also significantly utilizes conspiracies and alliances as the oxygen and blood for positioning popular candidates for victory in presidential polls.”
In light of the above reality, which ethnic nationality or nationalities in the Nigerian Union is the Igbo building alliance or conspiring with, overtly or covertly? None in my opinion. But l stand to be corrected.
Now, I have read some news items indicating that some ethnic nationalities in the middle belt have been co-opted into the agitation for the Igbo presidency in 2023. The pertinent question is: does the north-central political zone hold significant votes compared to southwest or northwest that are the most prolific sources of votes in our present political configuration? Again, the response is a negative affirmation.
Even as the political link-ups being weaved like spider webs between the Yoruba and the Hausa/Fulani politicians as reflected by the subterranean alliances are being tagged conspiracy theories since they are yet to be acknowledged by the key actors, there are practically neither conspiracy theories nor alliances between the Igbos or any other major tribes for the presidency of Nigeria in 2023.
It is disappointing that while the eastern region is prevaricating or pussyfooting on the strategy to adopt in order to achieve her over 50 years aspiration for self-rule, or at least get critically involved in running the affairs of the only country that can call their own, the southwest and more appropriately, the Yoruba nation, leveraging the ruling party, APC platform is at the cusp of taking the slot of the south for the second time in the presidency rotation calculus which commenced with president Olusegun Obasanjo in 1999. And I get the uncanny sense that the APC is more oriented towards rotating the presidency to the southeast in 2023 than the PDP, as such it may end up specifically zoning the presidency to the Igbos even as the PDP by all intents and purposes are likely to throw it open. But the easterners may not be able to positively convert the opportunity if offered by the APC because their house has not been literarily put in order.
Perhaps, the Igbo nation would be jolted from its reverie if it is reminded of how one time Vice President of Nigeria, Alex Ekwueme of blessed memory suffered the negative effect of Igbo republicanism when multiple fellow Igbos contested against him and split the votes in the PDP primaries held in Jos, Plateau state in 1998.
Although the election of Goodluck Jonathan to serve as Vice President under Umaru Yar’adua’s presidency (2007-10) and his subsequent elevation to the position of president (2010-2015) in the aftermath of Yar’adua’s sudden death offered a window of opportunity for the Igbos to have a say in the country, 2023 represents an epoch for them to be on top of the pecking order in Aso Rock Villa. Beyond the feeling of accomplishment amongst the Igbos that may be elicited by an Igbo presidency, it is even being canvassed in some quarters that it would also moderate their separatist tendencies that have severely damaged the fabric of the unity of our beloved country in the manner that the concession of the presidency to the Yorubas in 1999 via the fielding of both Olusegun Obasanjo and Olu Falae as the presidential candidates of the two major political parties, healed the wound inflicted on the collective psyche of the Yoruba nation by the annulment of June 12, 1993, presidential election; presumably won by their son, MKO Abiola; the assassination of his delightful and heroic wife, Kudirat and his subsequent passage while in the custody of government in the course of his struggle to claim his presidential mandate.
In the likely event that the Igbos have forgotten.
It would interest them to know that of the five presidents that have led Nigeria -Shehu Shagari, Olusegun Obasanjo, Umaru Yar’adua Adua, Goodluck Jonathan, and Mohammadu Buhari currently in the saddle, only two have been from the south. Both of them- Obasanjo and Jonathan made it to the presidency directly or indirectly following the sudden death of their principals- either via assassination or natural causes.
In other words, they rode on the apron strings of northern Political leaders who got selected after a military putsch, as is the case with Murtala Muhamed and Obasanjo (1976-9) or got elected president via a general election following the death of an elected sitting president, which is what happened with the Umaru Yar’adua and Goodluck Jonathan presidency(2007-15).
It is also pertinent to bear in mind that Obasanjo did not get elected president in 1999 on the voting strength of the Yoruba nation. Rather, he became president despite being rejected by his Yoruba kith and kin that preferred his opponent, Olu Falae.
So he only became no 1 citizen through the political engineering reportedly driven by the duo of former military head of state Ibrahim Babangida and ex-chief of army staff, TY Danjuma. The pair of whom are leading members of the northern intelligentsia or the so-called Kaduna mafia.
It is the foregoing political developments that have informed my unique perspective that it would be more pragmatic for the Igbo nation to be fully conscious of the dynamics of politics in our country in order to be guided and thus be appreciative of the propriety of weaning itself off the utopian idea of winning the presidency without the type of strategic alliances espoused in my earlier proposition.
Allow me to indulge you by being a bit prescient as l reference an AriseTv interview with late northern political power broker and bridge builder, late Isa Funtua in January 2020 where he made a prediction that the Igbo can not be given the presidency on a platter of gold:
“They want to do things on their own and because they are Igbo, we should dash them the presidency?”
The straight-talking lsa Funtua further made the following declarative statement about the Igbos :
“Nobody will carry you like a newly born baby.
With due respect to the Igbo, they fail to understand that when the South-West chose to remain on their own as opposition, they did not go near (national) power”
With the benefit of hindsight, my candid advice to the Igbo nation is that it is time for them to collectively pull themselves out of their current state of lethargy and do their spadework if they truly want to be the ethnic nationality calling the shots in Aso Rock Villa in 2023.
Need l say more?
ONYIBE, an entrepreneur, public policy analyst, author, development strategist, an alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in Delta state government, sent this piece from Lagos.
The conversation continues on: www.magnum.ng

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Tope Fasua edited
Business & Finance

FOR GOD’S SAKE WHO NEEDS eNAIRA?!

by Tope Fasua
written by Tope Fasua 10mins read

After all, the Naira as is, is already quite digital, isn’t it? Nigeria does have one of the most sophisticated financial systems in the world – especially in terms of payment systems. This is probably necessitated by the fact that because of our low per capita income and the informal structure of the economy, so many Nigerians altogether have to make millions of small transfers daily, especially to dependants. In developed countries, this is not the case. A typical worker abroad has all the debits – for rent or mortgage, insurance, taxes, tenement, loans, and so on, set up such that they hit their account by month-end and they get by on what is left. Our economy – perhaps like many other African economies – is structurally different from what obtains in those places. Therefore, we saw quite a bit of innovation in our financial sector that may not be deemed particularly necessary elsewhere. Some of us economists criticize the fact that the financial sector in Nigeria is running ahead of everyone else. We call it financialization, as different from what we actually need; industrialization. We also see that quirk manifest in the yearly declaration of superlative profits by our banks, even in a year like 2020 when half the time businesses were shut, and in the face of expanding poverty in the land.

So, who needs an e-Naira?  Why is it necessary?  Is it going to solve the problem of inflation, and corruption, and unemployment, and everything that ails the economy? Will it lead to a revaluation of the Naira which seems to be in a death spiral?  Is the idea just a further ‘financialization’ of the economy?  Or is this not just another gimmick to embezzle funds at the CBN? All these and more are the questions that Nigerians are asking.

I think the e-Naira is very useful, timely, and perhaps one of the smartest things that our central bank has been able to pull off in a while, even though it will certainly not solve every problem that ails our economy. I will therefore attempt to break down some of its likely uses below, even though I must admit that the whole idea of such hyper-digital currency, is still nouvelle to everyone in the world. In other words, a number of central banks around the world are taking the initiative, and 90% of them are thinking in this direction, but certain mistakes will be made, lessons will be learned before the concept stabilizes. The future of currency is digital. And the future is here. Let’s look at the critical questions:

What is the e-Naira?

The e-Naira is a Central Bank Digital Currency (CBDC). Though the Naira was fairly digital before (as you can transfer value from your phone or laptop once you are connected to the internet, and via USSD without internet), this is a digital currency on fire! However, unlike other digital currencies (cryptocurrencies), the CBDC is backed by the sovereign – Nigeria – and is tied to the Naira (fiat currency).  If we need to compare it to a cryptocurrency, we can compare it to say USDT (a stable currency tied to the US Dollar, called Tether).

What is this idea of being backed by the Naira?

Well, this means that the e-Naira and the fiat Naira will not diverge in value. The two types of currency will be the same value at all times. Also, that the currency is backed by the government through the CBN is comfort, because people know that the CBN cannot default on its obligations. Investments with the central bank of a country are deemed to be the safest kind that anyone could undertake.  Ordinarily, cryptocurrencies have some issues. People die, and if no one knows the key (their pin), their money is lost forever. People save their keys on devices. Devices get stolen or corrupted and their money is gone if they have no backups anywhere. Meanwhile, people are scared of backing up their keys anywhere because if anyone gets access to it, they can be wiped out. All sorts of issues occur because the idea is still developing. We have even heard of situations where crypto exchanges have collapsed (like Quadriga in Canada), and those who left money on the table for the exchange to help manage, were wiped out. And with cryptocurrencies, there is no arbiter; no one to run to; no one to guarantee the transactions; no deposit insurance. Nothing. It’s usually a case of ‘who sent you?

Where did the idea come from?

Whereas the central banks will hardly mention this, it is my strong belief that this is a reaction by central banks to the idea of cryptocurrencies. What started circa 2006/7 as a crazy idea by some crazy folks who were rather miffed by how central banks especially in developed countries bailed out investment and commercial bankers who had used people’s deposits to gamble on arcane derivative products like Credit Default Swaps, Collateralized Debt Obligations and such like, had become a major issue, with a market valuation of more than $1 trillion. There are suddenly more than 8,000 cryptocurrencies around the world. It has become a swarm and no one knew which crazy bee among the lot could sting the system in the eye at any point in time. The proponents of cryptocurrencies actually started out with the radical idea of taking down what we know as the financial system today, for past infractions – including for arbitrarily printing currencies or hiking interest rates thereby devaluing the money in people’s pockets and accounts, in the name of monetary policy management. They call their plan ‘decentralized’ banking or finance (Defi), which means ‘down with Central Banks!’. The only thing they didn’t reckon with was that they will need the central banks, investment, and commercial banks to achieve this laudable feat.  But will the traditional banks and central banks allow them?  The central banks then got wise and decided to piggyback on their idea, to save themselves, the banking sector, and the government. Why? The day you take down central banks, you will have taken down every bank because there’ll be nobody to manage currencies or maintain sanity or fidelity in the system. Then how do governments get their taxes? In what currency? Anarchy is the endpoint.  This move by the central banks around the world is to prevent themselves from becoming so weakened and made vulnerable by the crypto warriors.

In the case of e-Naira particularly, Nigeria showed up as the second-highest trading nation in cryptocurrency as at April 2021, allegedly. We are talking of a country with barely $2,000 in per capita income, and the lowest in the world in terms of economic complexity. In other words, the most unsophisticated nation in the world in terms of what we produce. Could it be corruption and crime money driving this… in the main? Therefore, it was important for the CBN to have a response. If the CBN was sitting on its hands and whining, that is when we should be concerned.

Which problem will it solve?

For one, the future of everything is digital. The future of man himself is digital. The world has stopped talking of the internet of things, now it is the internet of EVERYTHING. If the future of currency is digital – and indeed these young Generation Z kids (born between the year 2000 and today), and raised by their smartphones only understand digital things – then Nigeria had better get on board and fast. So, the earlier we get on this new reality, the better. But which other problem can it solve? Inflation? Ehmmmm, long shot. But e-Naira can help. How? For one, the more successful e-Naira becomes, the less money the CBN will spend printing new money. This should reduce the CBN’s budget. However, if the e-Naira is successful, then the world will have a little more respect for our currency, and the Naira may appreciate it a bit. If the Naira appreciates, then inflation will slow down, because a considerable part of the inflation we suffer today is as a result of imported goods, and the adjustments that local producers are making, in the fear of further devaluation. You see, devaluation of currency does not only mean that imported goods will cost more. In fact, in our economy, locally-produced goods prices leap much higher. Visit any local store or the market and see what has happened to prices in the last one or two years! Nigerians are really struggling to survive.

So, e-Naira can help us in getting a firmer naira. And there is one other reason for that. If it is what they say it will be, then the e-Naira wallet is sitting in CBN’s books. This means that the e-Naira can, subject to limits, allow Naira to be more convertible. What does this mean? You see, about 35 years ago, when you travel to London, you don’t need to be chasing pounds and dollars around before you go. You just go. When you get to London you change some naira directly into pounds right at the airport, or you go to Oxford Street and make the change. Then we started losing it. They kept devaluing. And no one was sure what the value of the naira will be the next day, so people stopped accepting the naira. But since e-Naira is a central bank currency, sitting right on CBN systems, we should be able to convert eNaira to any other currency in a jiffy and get transactions cleared without the rigmarole of going to a commercial bank. This is a great advantage, isn’t it?  Surely the CBN will set limits. Equally, the CBN hopes to use this platform to ease the inflow of foreign currency into the country, by enabling Nigerians to sidestep the usually punitive charges taken by money transfer organizations. Companies like Western Union and Moneygram have always taken delight in slamming transactions heading to Nigeria with high fees. Now remittances could be easier… but you will get official rates. The black market for foreign currency will still exist, but this kind of reform could be the shock treatment that reduces the spread to something negligible.

Which other problem will it solve?

So, it’s really looking like if some Nigerians and their collaborators don’t spoil this with the usual waywardness, cynicism, lack of patriotism, predilection to defraud, or deception from high places, we may be on to something great with this e-Naira. We may be buying a new lease of life for the currency and the economy. Already, as the CBN stopped selling millions of US Dollars to thousands of BDCs every week, our foreign reserves have leaped by about $4 billion in just a couple of months. We are talking of $40 billion now. That’s great news. Even on the streets, the dollar frenzy has tapered. Smart Alecs have probably found other vocations. We knew they were just bragging and trying to tip this country over so that they can pick up the pieces. When last I checked, the Mallams will not buy dollars at more than N550, with prospects of further strengthening.

The Central Bank of Nigeria also hopes to use this eNaira for better monetary policy management. For every eNaira created, that is one Naira more in the direct control of the CBN. There will therefore be better oversight over Money Supply. The CBN – like their brother central banks around the world – believes that this is a great tool to reach out to citizens in periods of crisis by being able to make direct transfers to citizens where necessary. Of course, the Bank has to mind operational risks lest some smart guys begin to play games with their system.  Citizens must also continue to alert the CBN to wherever lapses may occur. I have also heard it said that this is like the CBN taking on the functions of commercial banks. Well, it is the sign of the times. It is the evolution of banking and finance. The banks are smart enough to see, that the central banks are only trying to save the entire traditional banking system as we know it from cataclysm.

I will urge Nigerians to be less cynical but more circumspect. Let us see if this initiative will deliver. Let us do away with all that negative view of the country. Truly, leaders have failed us. But we need not fail ourselves and enter into a spiral of grief. Nothing is bad about this country. Billions of people around the world would wish they had what we have all year round.  We have a country to save. And a currency too. Let’s get on with it.

So, yes. We do need an eNaira.

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minister-of-petroleum-in-nigeria
Economy

Nigeria Though An Attractive Destination For Business, Investors Must Read This

by Abdulrauf Aliyu
written by Abdulrauf Aliyu 10mins read

Nigeria is no doubt an attractive investment destination for multinational corporations seeking to do business in Africa. Yet, it remains a difficult market to do business in. My conversations with senior business executives, particularly those from big multinationals, often focused on the high cost and difficulty of doing business in Nigeria as one of the biggest disincentives for them to invest in the country.

In one illustration of these difficulties, consider that Nigeria currently ranks 131 out of 190 countries in the 2020 World Bank’s Ease of Doing Business rankings, 100 places behind China, 93 places behind Rwanda, and just 1 place above the Niger Republic. The country’s ranking in paying taxes (159) and registering a property (183) is particularly bad.

The main reason for the poor performance is a complex and unpredictable regulatory landscape. Inconsistent policymaking and subjective interpretations of legislation on the ground are major obstacles to business. Moreover, regulations can change from state to state, just as they do in other large nations.

If entrepreneurs or multinational corporations want to succeed in Nigeria, they need to understand the country’s individual states and their business environments in a lot more detail. Most of them approach Nigeria as one market when they should be thinking of the different states as individual markets. After all, what works in Anambra or Kaduna state will not necessarily work in say Sokoto or Lagos state.

Nigeria is a large, fragmented, and heterogeneous market. Within the country, there are large – and often underestimated – regional differences in language, culture, talent, infrastructure, and wealth, all of which lead to wide variations in business landscapes.

Nigerian states can be compared to individual countries. For instance, Nigeria’s most populous state, Kano, has a population equal to that of Senegal or that of Liberia and Tunisia combined, while Nigeria’s most prosperous state, Lagos, has the 7th largest economy in Africa which is significantly bigger than that of the whole of Kenya, East Africa’s most dynamic country, with a nominal per capita income of more than $5,000, more than double the Nigerian average.

Cultural variations are important. Other than the well-documented differences in language and development, demographic differences are also significant. For instance, Southern Nigeria is older, with higher spending capabilities and a more skilled population, while Northern Nigeria is younger and relatively poor. North Nigerians prefer speaking Hausa, while South Nigerians prefer communicating in English or their respective native language. These cultural differences have a significant impact on multinationals’ talent and organizational decisions.

Nigeria’s federal structure also leaves certain key policy decisions to the states. Policies relating to infrastructure development, land and labour, healthcare, and transport fall under the purview of the states – as do most licensing and permitting.

This decentralized policymaking, as well as differing priorities among state governments – from city/urban management and rural development to improving infrastructure or attracting investment – have resulted in wide variations in the business landscape across the 36 states of Nigeria.

For instance, the 2018 World Bank Doing Business in Nigeria Survey compares business regulations and measures progress in four regulatory areas: starting a business, dealing with construction permits, registering property, and enforcing contracts. which map business environment conditions across the 36 states of the federation and the Federal Capital Territory, reports that it takes an average of 44 days and 8 procedures in Kaduna to register a property thus making it the number one in Nigeria as against the likes of Lagos state with an average of 105 and 12 procedures or Sokoto state with an average of 85 days and 12 procedures, thus ranking them as number 16 and 30 respectively in Nigeria.

Similarly, the time it takes to enforce contracts varies. For instance, while it takes 307 days and a 25.2% claim value as cost in Kaduna state, In Sokoto state it takes  568 days with a 27.1% claim value as cost, while in Lagos state, it takes 447 days with a 42.0% claim value as the cost

I expect state(s) policy to become even more prominent in determining the overall investment potential of the country. This can be made possible if the country’s federal government encourages competitive federalism – an approach that will enable the 36 states to compete for investments based on their individual economic policies and ease of procedures. Similarly, the federal government should consider devolving power to state governments, thus, encouraging them to make their own economic policies.

Aside from understanding how Nigeria’s states differ, companies or investors must also create a well-thought-out plan for allocating resources across states. Most firms find it difficult to effectively compare markets and develop a structured prioritization process. Based on my experience of working with entrepreneurs or business executives doing in or seeking to start a business in Nigeria across different industries, I find that a simple yet powerful four-step framework can help them effectively prioritize markets in the country

Measure risk-adjusted opportunity

I recommend that entrepreneurs, senior business executives, or institutional investors first measure the risk-adjusted opportunity in each of Nigeria’s 36 states by analyzing leading indicators of the market’s size, growth, industry clusters, and stability. (Industry cluster metrics measure the size of the pool of potential customers for B2B or B2C companies, and market stability metrics measure institutional, business, and social stability.) Example indicators include size (population, for instance, or state gross domestic product), expected growth, industry clusters, and market stability (including factors from workplace injury rates to crime).

This first step would allow prospective investors or entrepreneurs to measure not only the potential in a market (size, growth, and industry clusters) but also the associated risk (market stability). This is important to get an assessment of the realistic potential of each state.

Measure operating environment

Entrepreneurs and investors should then measure the operating environment of each of the 36 states by analyzing indicators related to infrastructure, talent, finance, and the business and tax environment. The data for this exercise are publicly available on most state’s websites or the Nigerian Bureau of Statistics reports among several others. Example indicators include infrastructure (such as the number of major seaports or airports), access to talent (the number of people enrolled in higher education), access to finance, and the business and tax environment, and the ease of doing business.

The business and operating environment vary remarkably across states. Focusing on those that have a strong operating environment — for instance, high ease of doing business score (Kaduna) or well-developed infrastructure (FCT) — can help entrepreneurs or business executives lower the cost of doing business in the country.

Evaluate results

If we plot the risk-adjusted opportunity and operating environment of the different states on a graph, we would clearly see which states offer the highest return on investment and represent the greatest opportunity for business. It is advisable that business executives or investors focus on a state with the largest opportunity and the strongest operating environment so that they are able to increase the return on their investment.

Prioritize states

Entrepreneurs, business executives, or investors must also align their Nigerian focus and strategy to the outcome. They can do this by categorizing the states into four groups in order of priority.

The first group of states – those with high opportunity and a strong operating environment – are category 1 states where entrepreneurs or business executives should focus on enhancing performance. Most big businesses or multinationals already have a presence in these states and executives should undertake a strategic approach to improving operations and capturing opportunities in these high-performing states. I recommend examining areas of geographical expansion within the states and conducting internal reviews to identify areas of operational inefficiencies.

The second category of states – those with moderate opportunity and a good regulatory environment – are states in which entrepreneurs or business executives should consider expanding their presence. There are benefits in expanding to states that are geographically close to category 1 states, so I suggest a ‘hubbing strategy for expansion, i.e. executives should prioritize expanding to category 2 states that are relatively close to the high performing states to capitalize on cultural similarities and capture economies of scale.

The third category of states – those with moderate opportunity but a weak regulatory environment – are those where executives should monitor growth rates and explore potential as the state governments continue to improve the regulatory environment by implementing reform. Examining details of various policy initiatives aimed at attracting investment is critical for companies to determine the right time to enter these markets. Several central and eastern states fall into this category.

And finally, the fourth category – those with small risk-adjusted opportunities and a weak operating environment – are likely to be costly investment destinations for multinationals with low returns. Executives should de-prioritize these states.

Often considered a country of countries, Nigeria can be a difficult yet rewarding market for entrepreneurs, business executives, and institutional investors. Those that have a structured approach to prioritize Nigeria’s states can navigate the complex market effectively and make strategic decisions backed by quantitative insights. The approach presented here can enable entrepreneurs and business executives to prioritize those states that are business-friendly, thereby lowering their operating costs and helping them get the highest return on their investment. Adopting a state-wise approach is key to getting it right in Nigeria.

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Bashorun J.K. Randle
Economy

THE FIRST LADIES (AND THE LAST MAN) PT1

by Bashorun J.K. Randle
written by Bashorun J.K. Randle 10mins read

Straight after delivering my address to the Society of Women Accountants of Nigeria I walked into an ambush outside the hall.  It turned out that among women chartered accountants there is a core group – those who are married to old boys of St. Gregory’s College, Obalende, Lagos.  They were wearing T-shirts (Green and Purple !!) with “J K  For  President” boldly emblazoned.  What they wanted was for me to agree to their terms for supporting my candidacy for election as the president of St. Gregory’s College Old Boys Association.  They have been fiercely loyal regardless of the fact that it is their husbands who would actually vote.   They assured me that their beloved husbands would do their bidding to the last man.

They promptly informed me that they had constituted themselves into a focus group with the principal aim of taking on the cynics who have been making loud noises over the prospects of an old boy of King’s College (which I am) emerging as the President of St. Gregory’s College Old Boys’ Association. 

After all, this is Nigeria – the land of the free and home of the brave.  They particularly like my campaign slogan which is a quotation:

“If you find a path with no obstacles,

it probably doesn’t lead anywhere”

  • Frank A. Clark

(1860 to 1936).

What has galvanized my campaign is the bombshell announcement I made at both my nationwide broadcast and World Press Conference that within one hundred days of becoming the President of St. Gregory’s College Old Boys’ Association, I shall introduce to the letter (and the spirit) the radical views espoused by Emeritus Professor Olugbemiro Jegede when he was interviewed by Christian T. Alabi.

In bold headlines, “Daily Trust” newspaper delivered the message on its front page on September 30, 2021.

“WHY NIGERIA [ESPECIALLY ST. GREGORY’S COLLEGE] MUST ABOLISH EXAMINATIONS IN ITS EDUCATION SYSTEM”

“Why the call for the abolishing of examination in schools and how can that be actualized in the Nigerian education system? 

Examinations in schools have never been true tests of the learner’s full capabilities. Think of a student taking examinations at the worst emotional time of his life, probably lost his mobile phone with all information, or lost one of his parents, or has been battling with malaria all week before examinations. How do you expect such a student to do well or perform to the optimum of his intellectual ability? At best, examinations and tests are good for ranking learners. But no system should exist just to rank students because learning should never be a competition.

In education, the progress of a whole class is dependent on the slowest learner. If you, therefore, rely on examination as a yardstick to measure real learning, we shall never make the comprehensive progress needed in our educational system. That is why Singapore has done away with examination and especially ranking of performance in the primary and secondary school levels and considered doing the same at the tertiary education level.

What that country and other progressive countries, especially in Asia, are doing now is using qualitative descriptors such as a learner’s discussion participation, homework, group work, and other less competitive means to assess learning by individuals. At the secondary school level, even though learners may still be graded, including decimal points in any marking scheme is a waste of time. What is being done is to use the portfolio system which will contain a learner’s performance in group projects and the learner’s proficiency in demonstrating skills acquired in any learning situation.

The current century no more looks for marks grading or ranking of students to decide if learning has taken place. That is why our first-class graduates cannot perform as well as third-class graduates on the field where the use of our hands integrated with brainpower is required. It is what skills you can demonstrate with the mathematics or science or geography you have learned that employers now look for. In any case, the new development in the recognition of learning achievement is to use learning badges.

A learning badge (digital or physical) is a validated display of accomplishment, skill, quality, or interest that can be earned in any learning environment. Badges can represent traditional academic achievement or the acquisition of skills such as collaboration, teamwork, leadership, and other 21st century skills.

What kind of change are we expecting when exams are abolished?

Examinations encourage unhealthy competition in our learning environment and this is an inherent threat to the total development of a child. Encourage a learner to use all his or her senses, hands, and brain in an integrated fashion to demonstrate innovation and creativity.

That is why in interviews, it is no more adequate to show a certificate from a business center that you are computer literate; they put the computer before you and ask you to word process something or do some excel spreadsheet or whatever to demonstrate your proficiency and skills in the use of the computer.

We need to abolish examinations in schools and devise other means to replace entrance and final year examinations. We must borrow a lesson from the latest developments around the world in an industry where Google, Apple, and 12 other companies no longer require employees to have a university degree to be hired.

In fact, they say they will now hire accountants, historians, and non-scientific qualifications and train them hands-on in computer science and information technology. Many of the world’s most popular global companies that young ones now rush out of Nigeria to work for, don’t require a university degree, and certain jobs are more likely to be filled with non-college graduates than others, as the World Economic Forum tells us with regard to the world’s most sought-after skills for the 21st century.

As reported in many pieces of literature around the world, top business executives have begun questioning whether degrees or certificates from institutions of higher learning really prepare workers for careers, while some are starting to hire more and more non-tertiary graduates.

We must rethink everything about our examination systems and what they portent for our education system in Nigeria. How come most of our youth are excelling exceptionally well outside of Nigeria than within? It is because the environment is quite conducive and there is no stress about examinations but a lot of emphasis on what you can do with your acquired skills.

 In general, our examination system at all levels should have been goal-based, process-based, and outcomes-based but a critical analysis of the examinations we give to learners in Nigeria shows it is not.

If we do not revise our examination systems and indeed our education system by 2030, Nigeria will be left at the train station or most probably at the motor parks.

Of course, any parent would be pleased that his son or daughter has come first or second in class or level, and in a system where our prize-giving ceremonies are traditionally to recognize student’s achievement, based on what students crammed and regurgitated for examinations. And yet, they say education is what is left in your head when all you crammed for examinations have disappeared!

If exams are abolished, by what parameters would learners be assessed in Nigeria?

For now, we must throw our archaic examination system out through the window and welcome with a broad and huge bear hug the need to use proficiency, performance badges simulations, open question, one on one sessions, online forums and discussion groups, group projects and peer-based feedbacks, and scenario-based assessment and case studies to instill self-discipline in our children to enable them to master all the skills they need to succeed in life.”

The focus group (consisting of wives of old boys of St. Gregory’s College) has encouraged me to venture into tackling crucial national issues particularly drugs.

“Daily Trust” newspaper, September 25, 2021

“DRUG ABUSE: PSYCHIATRIC PATIENTS FLOCK HOSPITALS

IN CALABAR, AWKA”

“The principal psychologist at the Federal Neuro-Psychiatric Hospital, Calabar, Dr. Eyo Asuquo, has disclosed that there is an increasing number of psychiatric patients arriving at their facility in recent times.

In an interview, he attributed the reason to increasing abuse of hard drugs, such as Tramadol, Nicotine, Cannabis, Indian hemp, as well as high intake of alcohol by victims.

Findings revealed that as of press time, 93 drug-related patients were accommodated at the seven wards of the hospital.

Asuquo said, “As a result of the increase in the number of patients, an emergency ward was created to receive them.  We have seven wards that accommodate different levels of psychiatric disorders.  We have a multi-disciplinary approach to their treatment.”

He said they took time to attend to individual cases and discharge those whose conditions got better than when they were admitted.

He also said the rate of recovery differed from one patient to another, depending on the degree of disorder.

He expressed gratitude to the federal government for restoring and re-equipping the facility better than when hoodlums destroyed it during the #ENDSARS protest last October.

A member of staff of the hospital, who did not want his name mentioned, said patients were brought in from different parts of the state and other places.

“At present, the facility is functioning as it should. Patients are brought in from parts of the state and outside. Our experts attend to them every working day, except Wednesday,” he disclosed.

Another member of staff said they only received 10 percent instead of the 40 percent hazard allowance promised them by the government.

In Anambra State, the Neuropsychiatric Hospital, Nawfia, Awka South, has many patients.

Our correspondent who visited the hospital observed that as early as 8.30 am, doctors were already in their consulting offices attending to patients.

Speaking with our correspondent, a patient, who identified himself as Mike, thanked the hospital management for the care and treatment he received.

He said the journey to the facility was a long one that he did not want to share with anybody.

One of his relatives, Uche Daniel said, “We thank God for healing him. We hope he would not repeat the cause of the problem.”

One of the doctors who spoke on condition of anonymity said the hospital received an average of five patients every week.

He said most of the patients were induced by hard drugs or the popular Indian hemp, adding that the state government should pay special attention to the hospital.

On the challenges of the hospital, he said it lacked adequate funding and manpower like any other public institution in the country.”

The focus group also wants me to tackle gas flaring.

Frontpage headline “The Guardian” newspaper of September 30, 2021.

“NIGERIA, OTHERS LOSING $82 BILLION FROM GAS FLARING YEARLY”

“By flaring, rather than utilizing gas for power generation or other domestic needs, Nigeria and other nations involved in such act, could lose up to $82bn a year due to global gas flaring, says GlobalData report.

The report identified the biggest gas flares, accounting for over 87 percent of all flared gas in 2020, to include Nigeria, Algeria, Angola, Indonesia, Iran, Iraq, Libya, Malaysia, Mexico, Russia, the US, and Venezuela.

Though the Federal Government had pledged to end the burning of gas as a by-product of oil production by 2030, under its latest climate plan submitted to the United Nations, independent sources state that Nigeria flared an average of 11.1m3/bbl of gas last year.

With 7.83bcm in 2019, up from 7.44bcm in 2018, the World Bank ranked Nigeria as having the seventh-largest volume under the Global Gas Flaring Tracker Report (GCFR), despite having a low level of energy access.

Nigeria reduced flaring by 70 percent between 2000 and 2020, according to the International Energy Agency, as a result of tougher penalties and incentives to capture and sell the gas.

However, the Nigeria Gas Flare Commercialisation Programme (NGFCP) has loopholes, and penalties are low and weakly enforced. International oil majors report slow progress in eliminating wasteful flaring, analysts have claimed.

GlobalData notes that, even though technological solutions exist to avoid gas flaring, many countries persist with the activity – including developed countries such as the United States and Russia. Besides lost revenue, this is also an environmental issue, as gas flaring is one of the major contributors to CO2 emissions.

According to GlobalData’s report, ‘Gas Flaring-Thematic Research’ countries could make up to $82bn if they utilize this gas instead of flaring it.

Senior Oil and Gas Analyst at GlobalData, Anna Belova, said: “It would do many countries, especially in Europe and Asia where natural gas prices are setting all-time records, a lot of good if oil and gas operators found the strategy to sell this gas rather than lose it – not only for the money but for meeting their CO2 targets too.”

Belova added: “The top 12 gas-flaring countries, flared almost 13 billion cubic feet of gas per day (bcfd). To put that into context, that amount of gas could easily keep the whole of Japan well supplied for a year. All of that power has simply gone to waste.”

Many countries flare gas because of lack of access to these markets, combined with the small volumes of gas produced at individual oil sites. The situation is further complicated by low domestic gas prices in most of the top flaring countries.

The value of flared gas, when priced at domestic prices in Russia or the US for example, is often less than a quarter of what the gas could command on Europe or Asia markets.

Belova said: “Reducing global gas flaring will require a multi-prong approach due to unique regional drivers that prioritize flaring over monetization of gas. Small-scale modular technologies, aimed at converting gas into liquids or chemicals, represent a logical choice for remote and distributed flaring sites.”

At a meeting hosted by KPMG in Durban, South Africa the late charismatic Nelson Mandela who was no longer the President of South Africa beamed his gaze on the old boys of King’s College and St. Gregory’s College and proceeded to deliver the following message:

“If this meeting has been useful, I am glad.  But it will be more useful to me if you go back to Nigeria and work to give young Nigerians good education.  Teach them to value hard work and sacrifice, and discourage them from crimes that are destroying your image as a good people.  Then you have to spend a lot of your resources on education.

Educate the children of the poor, so they can get out of poverty.  Poverty does not breed confidence.  Only confident people can bring changes.  The black people of the world need Nigeria to be great as a source of pride and confidence.  Nigerians love freedom and hate oppression.  Why do you do it (keep shafting yourselves)?”

By way of digression, the women accountants who are married to old boys of St. Gregory’s College deserve a medal for their sense of humor.  They have adopted the “The Nation” newspaper of October 2, 2021, as a collector’s item.

On its front page, it carried the following headline:

“WHY I DUMPED MY ACCOUNTANT HUSBAND, GOT PREGNANT FOR JOBLESS GRADUATE”

(Says he’s crap in bed; I had no choice but to look outside).

In the inside pages, the sizzling story is given plenty of space to accommodate the anguish of the dejected husband, the triumph of the elated lover, and the fury of the unrepentant wife.

Having regained its poise, the focus group of ladies proceeded to remind me:

“What lies behind you and what lies in front of you, pales in comparison to what lies inside of you.”

  • Ralph Waldo Emerson

(1803 to 1882)

What followed was a trenchant complaint via WhatsApp by one of their members who had quit accountancy to venture into farming.  Along with the distress call was the front-page headline of the “Daily Trust” newspaper of September 25, 2021.

“BANDITS IMPOSE TAX ON KATSINA FARMERS”

  • Gunmen demand labour and fertiliser for own farms
  • Food crisis may worsen as resident desert farms.
  • The worsening security situation in northwestern Nigeria has since assumed alarming proportions.  Bandits are still on a killing spree, maiming or abducting people in broad daylight, forcing many to flee the rural areas and rustling their animals.  Farmers in some of the areas are also compelled to pay taxes to access their farms.  Some say by this, the bandits seem to be running a parallel government in some areas.  An investigation by Daily Trust in Danmusa, Batsari, Dandume and Dutsin-Ma local government areas in Katsina State revealed that people in villages close to forests are either forced to pay taxes to the bandits not to be harmed and to access their farms or work on the bandits’ farms and serve as their informants.
  • Despite taxing us, we’re not spared from their atrocities; they’d always come to your farm and seize your phone, money or motorbike, even shoes – anything valuable.  For nearly three weeks, I couldn’t go to my farm out of fear of the unknown.”

In a country where many are literarily voting with their feet, “The Guardian” newspaper delivered a bombshell with its front-page report on September 25, 2021.

Bashorun J.K. Randle is a former
President of the Institute of the Chartered Accountants of Nigeria (ICAN)
and former Chairman of KPMG Nigeria and Africa Region.
He is currently the Chairman, JK Randle Professional Services

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Dr Akintoye Akindele
Economy

Value before Remittance

by Akintoye Akindele
written by Akintoye Akindele 10mins read

Official data available estimates about 146 million Africans living abroad. With the population of Africa estimated at around 1.2 billion people, this implies about 12% of us live outside of the continent. These 12% remitted circa US$78 billion back to Africa in 2020. Quick arithmetic shows that the remittance per capita is about $534. The per capita remittance of Nigerians is $988 from the estimated 17 million Nigerians living abroad. When we compare these per capita numbers to that of the Lebanese community @ $664 (of the estimated 17 million Lebanese, about 11 million live in diaspora) and the Jewish community of $565 from the US (5.7 million Jews live in the US alone when compared to the population of Israel of 6.7million people), versus GDP per capita of Africa at $2,569; Nigeria at $2,097; Lebanon at $4,891 and Israel at $43,610. It shows a very clear role for the African diaspora beyond remittances. Our research shows that these other diaspora communities do a lot more than remit money back home. They are involved in skills development & knowledge transfer, collaborative research & innovation, investment & trade & product exchange. Africa needs her people who live abroad to do much more than remittances.  From our IT professionals (there are only 690,000 software developers in Africa from her compared to 628,000 in California alone) to doctors, scientists and other professionals, the possibilities that can be unlocked are endless. 

Changing the African narrative requires everyone to get involved. Home or abroad. Our dignity and future depend on all of us being nation builders. There is little government can do. People build their countries.  Go through history and let’s not confuse Chinese growth over the last 4 decades as a government-centric one alone. Our governments are a reflection of who we are. The African opportunity is the biggest catch-up story in history. We have more foreigners investing in our start-ups, companies, and innovation than us Africans. Let’s get the money we have put under our bedsheets and bank accounts working.  Inflation and devaluation risks of the money in bank accounts or at home are not better than business risks of an investment in start-ups. Data shows that while 70% of start-ups fail, the 30% that succeed compensate for the ones that fail and deliver real returns which exceed the yield on savings which is often exposed to inflation and devaluation. I am not asking us not to save; informed and enlightened investment in start-ups, equities, and innovation are also savings. Stock gambling isn’t an investment. Get advice where and when in doubt. The real return on long-term positions in equity (public and private) outperforms pure savings. 
Africans let us collaborate more, invest in each other, share knowledge, engender skills transfer and have a more positive mindset about ourselves and our future.  Our children deserve our best effort. Remember the future starts today. Start creating the future you want to live in.

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Thealvinreport.com endorsed programme.
Business & Finance

CIBN, ILL Organize AI and Analytics Training for Business Executives and Bankers.

by thealvingreport
written by thealvingreport 10mins read

The Chartered Institute of Bankers of Nigeria and Intelligent Interactive limited: a Leading digital analytics company in Nigeria, are collaborating to empower organizations’ executives and bankers with AI and Analytics training that will enhance their productivity in areas where experience falls short.

Seye Awojobi, ph.D


Speaking with the CEO of Intelligent Interactive Limited Temiloluwa Sobowale On the need for training like this at this time he said “ There is a limit to what your experience can do for you in this digital age, you can only see the past if you are using your experience alone, but AI and analytics enable you to predict the future possibilities using your current data. The capability of identifying patterns like correlation and Causality from huge data sets cannot be processed by the human brain, hence not using AI and analytics for decision-making limits the outcomes of such a business executive”.

Titled: WHEN EXPERIENCE FALLS SHORT: “ANALYTICS AND ARTIFICIAL INTELLIGENCE EMPOWERING EXECUTIVE FOR PRODUCTIVE DECISION MAKING”.

Learning Outcomes:
At the end of the training, participants will:

  1. Gain full understanding of Artificial Intelligence and Digital Analytics
  2. Be equipped with hands-on knowledge and skill, that will enhance their decision making, leveraging AI and Analytics.
  3. Gain insights into how to retain talents within an organisation, through the use of HR Analytics
  4. Be able to leverage Ethical AI for business growth and sustainability.

The training will benefit team members who are Business Executives, HR Practitioners, Corporate Affairs Practitioners, Researchers, Compliance Officers, Finance Officers, and other members of staff with decision-making functions. Open to Bankers and non-bankers, the training will hold virtually on the 19th-20th of October.

Speakers profile

Sobowale Temiloluwa

CIBN, ILL organize AI and analytics training for Business Executives and bankers.
Sobowale Temiloluwa
  1. Sobowale Temiloluwa is the CEO of Intelligent Interactive limited, a Brand Marketing and digital analytics company. An Alumnus of Kellogg school of management USA, and a graduate of History and International Relations from Lagos State University. At Kellogg School of Management USA, he bagged a professional Executive scholar certificate in Marketing and sales, with specialization in brand marketing and analytics. His training in sales and marketing includes business growth, strategic data-driven marketing, brand management, analytics, and Artificial intelligence.

2. Sobowale, a Fellow of the Institute of Management Consultants in Nigeria ( an institutional affiliation to the global International Council of Management Consulting Institutes) is also certified from San Francisco University the USA, where he was trained and bagged certificates in Interactive Marketing & Measurement, Advanced Social Media and advanced Mobile marketing. Sobowale was the first individual in Africa certified by Google in 2010 in four areas (Search Marketing, Display Advertising, Reporting & Analysis, and Google Analytics) and became the first Consultant to Google in Nigeria, in 2010 where he managed both Adwords and analytics platform for over 200 get African business online project participants.


3. He also attended the International School of Communications, where he bagged certificates in Crises Management, digital communications, PR strategy development, online crises management, Social media measurement ETC. He has worked with companies in Nigeria and globally developing strategic, goal-oriented Interactive Marketing/ reputation risk management plans, with measurable results and impressive ROI delivered.


4. These brands include Gtbank, Zenith Bank, Ecobank, Fidelity Bank, Access Bank, Oando plc, and many more. He has recently been involved in various disruptive technology innovations, which included co-founding Insightely Incorporation a US-based analytics Company with analytics product release to his credit- Repnalytics.com, reputation analytics, and digital insights platform, used by approximately 30% of leading banks in Nigeria and Competitiveintelligence.io a digital competitive intelligence platform for Startups and SME’s.


5. He is one of the most experienced digital marketing professionals in Nigeria, with over 10 years of experience in managing digital marketing campaigns, online brand/reputation risk (for leading executives and organizations ). He uses analytics daily to solve complex business issues bringing out insights that were formerly buried in databases of these businesses, using data to achieve the desired business goal of growth, efficiency, productivity, and profitability as desired by the businesses he collaborates with.


DEJI BALOGUN

DEJI BALOGUN


‘Deji Balogun is Co-founder & Chief Technology Officer of Terragon – Africa’s leading Customer Data aggregation, enrichment, and activation marketing solution. He is a passionate and innovative leader with over a decade of experience leading teams, building and deploying enterprise software solutions across different countries, and making Terragon an exceptional place for developers, engineers, and other tech professionals to work.


His vision, design, and prudent management of the Tech stack is what has allowed the company to seamlessly evolve from a Telecoms Service provider in 2011, into a Digital Agency and now marketing cloud ecosystem featuring SaaS and Enterprise software solutions as well as key integrations with Pan-African Telcos and Big Tech companies such as Facebook.
With the best-of-breed Technology team made up of over 30 Product and Engineering teams distributed between Bangalore, India, and Lagos, Nigeria, he effectively manages them to support the Business teams based in Nigeria, Kenya, Ghana, and South Africa.


Under his leadership, Terragon has developed a number of proprietary data platforms and marketing solutions that are currently used by major multinational Brands including MTN Nigeria, Nigerian Breweries, Stanbic IBTC, etc. Terragon’s CDP is currently the first and only African- owned CDP to be verified by the globally renowned Customer Data Platform Institute.
He has worked to develop African tech talent by overseeing the tutelage of over 5,000 students at the “Terragon talent development hub” at Obafemi Awolowo University, at Ile-Ife, Nigeria, producing top talents that have gone on to deploy their skills at various global and Tech companies around the world.
Prior to joining Terragon, he was one of the pioneering Technology experts at Jobberman.com, Nigeria’s foremost jobs directory. He helped create the platform on which the portal runs today.
Deji is an alumnus of the Lagos Business School and the prestigious Obafemi Awolowo University, Ile-Ife.

Dr. Tunde Adegbola

Dr. Tunde Adegbola


Tunde Adegbola is a Research Scientist, Consulting Engineer, and Culture Activist. He holds a B.Sc in Electrical Engineering, M.Sc. in Computer Science, and Ph.D. in Information Science. As Executive Director of African Languages Technology Initiative (Alt-i), Ibadan, Nigeria, he leads a team of researchers in appropriating human language technologies for African languages. In this regard, Alt-i partnered with Microsoft to localize Microsoft Windows and Office Suite for Hausa, Igbo, and Yoruba. Before Alt-i, he worked at Innovative Computing Group (ICG) Inc. Ohio, USA, applying Cellular Automata Transform (CAT), an innovative data modeling technology developed in ICG for the perceptual compression of Digital Audio.


He taught Artificial Intelligence and Automated Reasoning at the University of Lagos from 2008 to 2019 and has been teaching the same subjects at the University of Ibadan from 1990 till date. In 2016 he was commissioned by Shell Nigeria Exploration and Production Company (SNEPCo) to undertake Stake-Holder Consultations and Needs Assessments for the delivery of ICT Centres to some Nigerian universities as part of SNEPCo’s Corporate Social Responsibility program. He also coordinated the development of curricular and course materials for the M.SC and Ph.D. programs in Artificial Intelligence for the National Open University of Nigeria (NOUN).


As a consulting Broadcast Engineer and Media Systems Integrator, he helped to develop the technology infrastructure for the Nigerian Motion Picture Industry (Nollywood), working with production houses such as Mainframe Productions, Klink Studios, Cinecraft, and Media International. He designed and installed many of the pioneering private TV Stations in Nigeria including Channels Television, MITV, and Africa Independent Television (AIT), which he designed, supplied, installed, and commissioned between 1995 and 1997. He has also worked in setting up new as well as enhancing existing radio and television stations in Senegal, Guinea Bissau, Guinea Conakry, Liberia, Sierra Leone and SaoTome and Principe, consulting for various international NGOs and UN bodies such as Open Society Initiative for West Africa (OSIWA), International Alert, UNICEF, and UNDP.


He is at present the Chairman of the Technical Sub-committee of Digiteam; the Presidential body set up to guide the transition of television broadcasting in Nigeria from analogue to digital and also functions as a member of the Ministerial Task Force for the same purpose. He is also a member of the Digital Literacy Implementation Committee for South West Nigeria of the DAWN Commission.


A Chevening Scholar, Honorary Fellow of the Linguistics Association of Nigerian (LAN), former Council Member of the West African Linguistic Society (WALS), former board member of West Africa Democracy Radio (Dakar, Senegal), and recipient of various academic and professional awards, he has published many papers and journal articles in local and international scientific journals in the area of Human Language Technology (HLT) and he is very much sought after as a speaker in local and international conferences. An accomplished performing musician and a former national athlete, he is married with three children.

Date: October 19 – 20, 2021
Venue: Virtual
Fee: ₦50,000 Per Participant
Registration: bit.ly/CIBNAnalytics

While the details of the program are contained in the attached flier, contact Abiodun on 07061004819 / abiodunadeniran@cibng.org for further enquiries.

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